Canadian Oil

[Tackler]

Tajzha Ventures operator drills, cases Kotcho Lake well

2007-05-14 11:11 MT - News Release

Mr. Terry Lashman reports

KOTCHO LAKE UPDATE AND OTHER ITEMS

Tajzha Ventures Ltd. has been advised that the operator has released the rig that had successfully drilled and cased the well located in the Kotcho Lake area of northeastern British Columbia. The well has been cased and cemented through the Slave Point lost circulation zone, overlaying a geologically and geophysically defined Keg River high. This operation represents a major accomplishment by successfully drilling down to the Slave Point caverns and isolating them behind casing. A service rig will be brought onto the location following the lifting of road bans in the area. It is anticipated that this will occur in early June. The service rig will drill into the Keg River formation and testing will follow. Due to competitive reasons, Tajzha will not press release these results until approval to do so is granted by the operator.

Tajzha is also pleased to announce that it has closed a non-brokered private placement of 298,000 units at 30 cents per unit and 804,000 flow-through units at 35 cents per unit for gross proceeds of $370,800. Each unit consists of one common share and one common share purchase warrant exercisable into one additional common share at an exercise price of 35 cents in the first year and 40 cents in the second year. Each flow-through unit consists of one common share issued on a flow-through share basis and one common share purchase warrant exercisable into one additional common share at an exercise price of 40 cents in the first year and 45 cents in the second year. The expiry date of the warrants is May 8, 2009.

Tajzha is also pleased to announce that it has filed its Form 51-101F1 -- statement of reserves data and other oil and gas information for its year ended Dec. 31, 2006. The corporation has also filed Form 51-101F2 -- report of independent qualified reserves evaluator and Form 51-101F3 -- report of management and directors, all under National Instrument 51-101. These filings can be accessed electronically from the System for Electronic Document Analysis and Retrieval (SEDAR) website.